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I am applying on the 10th January 2021 for ILR 5 year route. My wife and I lost our jobs at the end of August. There is no way our income meets MIR. I was on salaried income and my wife was on a non salaried income therefore we are looking at savings. We have 15k savings in both of our accounts, I also have life assurance with a surrounded value of 20k in which I have access at any time. My calculations are, with a total of 35k minus the 16k which totals to 19k, surely that meets MIR. So, my question is, if these sums are proved to be accessible and £18,600 is the requirement, would this meet under the MIR regulations?

I believe you require at least £34,600 savings (9, 83l), assuming no extra for any non-settled, non-British children.

9

….Cash savings of both partners of more than £16,000 could be taken into account to make up the shortfall in income multiplied by 2.5 for the probationary period and simply to make up the shortfall at the indefinite leave to remain stage; thus if there was no income, they would need savings of £62,000 in cash at the entry clearance and leave to remain stages, but £34,600 at the indefinite leave to remain stage (para 83l)….

83l

The amount of cash savings above £16,000 can be counted against any shortfall against the £18,600 income threshold (or the relevant higher figure where a child or children are also being sponsored). This will be done on a basis that either multiplies the amount of the shortfall by 2.5 – the probationary period (30 months or 2.5 years) to be served before the applicant has to apply for further limited leave or for indefinite leave to remain – or, at the indefinite leave to remain stage, is equal to the amount of the shortfall.

For example, where the sponsor and applicant have no income which may be counted towards the financial requirement, £62,500 in cash savings will be required for the financial requirement to be met at the entry clearance/leave to remain stage or at the further leave stage, i.e. the ‘floor’ amount of £16,000, plus 2.5 times the shortfall of £18,600. At the indefinite leave to remain stage, the same couple will require £34,600 in cash savings to meet the financial requirement by that means alone, i.e. the ‘floor’ amount of £16,000, plus the shortfall of £18,600.

I understand that is the total, I was asking is With Profits Endowment policy if I have 20k in which I can withdraw at any time, does this count as part of ‘savings’? I would prefer to keep it in there and not withdraw into a savings/debit account so will the immigration board include this as savings?

Nadrezk123 wrote: ↑

Sun Oct 11, 2020 2:30 pm

I understand that is the total, I was asking is With Profits Endowment policy if I have 20k in which I can withdraw at any time, does this count as part of ‘savings’? I would prefer to keep it in there and not withdraw into a savings/debit account so will the immigration board include this as savings?

That is only my guesstimate that it may not be accepted because it's liquidity is usually contingent where if someone dies/injures or when the term finishes. Usually such kind of schemes are come under the orbit of none-employment income where only following ones are permitted.

property rental
• dividends or other income from investments, stocks and shares, bonds or trust
funds
• interest from savings
• maintenance payments from a former partner of the applicant in relation to the
applicant or any children of the applicant and their former partner (any
documents issued by the family court must have permission to be disclosed).
Also, maintenance payments from a former partner of the applicant’s partner in
relation to that partner
• UK Maternity Allowance, Bereavement Allowance, Bereavement Payment and
• Widowed Parent’s Allowance
• payments under the War Pensions Scheme, the Armed Forces Compensation
Scheme and the Armed Forces Attributable Benefits Scheme
• a maintenance grant or stipend (not a loan) associated with undergraduate
study or postgraduate study or research
• ongoing insurance payments
• ongoing payments from a structured legal settlement
• ongoing royalty payments

Thank you for your prompt response:

‘it may not be accepted because it's liquidity is usually contingent where if someone dies/injures or when the term finishes. Usually such kind of schemes are come under the orbit of none-employment income where only following ones are permitted’

Many of these insurance schemes are like this however the one I am talking about does not require a injury or death to have access to these funds, the list that you have sent I am aware of but it does not state weather or not this kind of Profits Endowment policy is accepted. Is there someone who would know in depth if this is accepted? I can confirm these funds can be retrieved if I wish to do so but my main question is would these funds be accepted as ‘savings’ to the immigration?

Again thanks for your quick response, much appreciated.